Bio-Imaging Technologies makes tender offer for etrials Worldwide
Bio-Imaging Technologies Inc. is making a tender offer for shares in etrials Worldwide Inc., both companies said Tuesday.
Under the proposed offer, etrials (NASDAQ:ETWC) stockholders will receive 0.124 shares of newly issued Bio-Imaging (NASDAQ:BITI) common stock and 15 cents per etrials share.
The roughly $10 million offer represents a 27 premium to the average closing price for etrials stock for the past 30 days.
Stockholders owning about 33 percent of etrials outstanding shares have already agreed to tender their shares.
Etrials Worldwide Inc. of Morrisville, N.C., provides electronic clinical software and services to pharmaceutical, biotechnology, medical device and contract research organizations. Bio-Imaging of Newtown, Pa., is a contract research organization that specializes in medical image management.
The tender offer is expected to expire on or about June 15.
